JPMorgan, HSBC to compete for NCB’s $4bn IPO
JPMorgan Chase & Co and HSBC Holdings are among banks planning to compete for a role in the largest Saudi Arabian share sale in at least 12 years, Bloomberg has reported, citing five people with knowledge of the matter. The banks will vie with local lenders including Banque Saudi Fransi (BSFR) and Gulf International Bank to be appointed as financial adviser on the sale of a 15% stake in Jeddah-based National Commercial Bank (NCB), the people said. NCB sent out a request for proposals to banks to manage the initial public offering earlier this week, the people said. Saudi Arabia’s Public Investment Fund is selling part of its 69% holding in NCB, bank chairman Mansoor Al Maiman said on February 27.